Thursday March 5, 2015 Search
Weather | Athens
20o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
IOBE: Reforms are the only way for economy to return to growth

By Sotiris Nikas

Reforms are essential if the country is to return to growth and the gross domestic product is to achieve high expansion rates, according to a report released on Wednesday by the Foundation for Economic and Industrial Research (IOBE).

During the presentation of the organization’s quarterly report on the Greek economy, IOBE general director Nikolaos Vettas stated that “for growth to come, it is essential to push structural reforms deeper,” noting that not all the economy’s problems have been solved as “the stabilization of the economy has not yet reached the end of the road.”

The IOBE forecasts that the economy will stabilize this year, with a possible slight increase of GDP. However it warns of the political risk due to next month’s elections: “The current election cycle is creating uncertainty and has led enterprises and households to wait before making decisions, even though this does not concern [parliamentary] elections,” the report notes.

Vettas said it is both vital and urgent that the Greek economy achieves high growth rates. In this context there are five key conditions for structural changes to be implemented. They are the creation of broader political and social consensus, which will involve clashes with special interest groups, the application of specialized knowledge regarding specific problems, investment in a clear financial policy in general, and a determined approach toward the adoption of reforms.

The foundation’s forecasts for the country’s economy, presented by IOBE scientific director Angelos Tsakanikas, suggest that the first two quarters of the year will show negative growth, while the second two will finally bring the GDP back on a growth course. Regarding unemployment, the IOBE says that there will be a small decline this year, bringing it down to 26 percent, while the consumer price index will remain in negative territory, at a rate of 0.6 percent.

Vettas said the country’s new growth model for the decades to come should be built on fiscal stability and reforms, adding that there are sectors where investments can be made in the short term to strengthen the economy, such as tourism, the primary sector, manufacturing, food, energy, waste management, as well as infrastructure and transport.

ekathimerini.com , Wednesday April 16, 2014 (22:36)  
Draghi ties ECB’s Greek funding to bailout compliance [Update]
Cyprus wins ECB chief praise on road to renewed growth
ECB says willing to restore financing for Greek banks once deal is reached
Court blocks sale of luxury Astir seaside resort
Venizelos won´t be called to give evidence in Papaconstantinou trial
Former Finance Minister Evangelos Venizelos will not give evidence at the trial of his predecessor Giorgos Papaconstantinou, it was decided on Thursday. Papaconstantinou is being tried in a ...
Fugitive spotted and caught near Corinth
One of three men who escaped from a police holding cell in Corinth, west of Athens, on February 27 was recaptured on Thursday. Police said that a member of the DIAS motorcycle-riding squad s...
Inside News
SOCCER
Greece need to attack more, new coach Markarian says
Greece coach Sergio Markarian said Thursday he wanted Greece to play more attacking football against Hungary in a Euro 2016 qualifier on March 29 as his side strive to move off the bottom po...
SOCCER
Super League restarts, but behind closed doors
Deputy Minister for Sports Stavros Kontonis announced on Wednesday the resumption of the Super League this weekend after it was suspended last week following crowd trouble at the Athens derb...
Inside Sports
COMMENTARY
Greek-Turkish relations
There are other issues beyond those focusing on the economy that the government, formerly of the “Indignants” and currently adapting – willingly or unwillingly – to eurozone realities, is fa...
EDITORIAL
Government policy
The issue of irregular immigration is taking on serious dimensions on an international level, while in Greece it is bordering on crisis levels. The government’s duty is to handle the issue w...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Venizelos won´t be called to give evidence in Papaconstantinou trial
2. Fugitive spotted and caught near Corinth
3. Suspected Xeros helpers detained after refusing to answer questions
4. Missing persons committee apologizes for remains mix-up
5. Draghi ties ECB’s Greek funding to bailout compliance [Update]
6. Greece need to attack more, new coach Markarian says
more news
Today
This Week
1. Greek-Turkish relations
2. Greece struggles to make debt math work amid bailout standoff
3. Greece seeks to plug its 'Bermuda Triangle' of lost taxes
4. Greece has backup plan if March bailout cash fails to arrive, says Varoufakis
5. Draghi details sought as ECB's QE plan poised to be fleshed out
6. Government policy
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. A fierce battle looms
3. SYRIZA feeling the pain
4. The Greek tax drama
5. The unlikely winners of Greece's surrender on euro
6. Varoufakis to make six reform proposals at Monday's Eurogroup
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.